EU Biopharma: "No COVID-19 net beneficiaries" - Jefferies

Thor Medical ASA

09/04/2020 11:22

** Jefferies does not see any net beneficiaries from the
COVID-19 pandemic, but among the top picks across the sector it
highlights UCB  UCB.BR , Genmab  GMAB.CO  and Galapagos
 GLPG.AS , reiterating its "buy" ratings
    ** The brokerage believes the main risks to EU
Biopharma/Biotech from COVID-19 are connected to more widespread
lockdowns, regulatory delays, slower launch trajectories and
postponed trial data
    ** Jefferies' models suggest that the following companies
could all have near-term financing needs given volatile markets:
Nanobiotix  NANOB.PA , Kiadis  KDS.AS , Newron  NWRN.S ,
Oncopeptides  ONCO.ST , Nordic Nanovector  NANOV.OL , Erytech
 ERYP.PA 
    ** The broker also expects Verona  VRP.L  to raise
additional funds in order to run a Phase III programme for
ensifentrine
    ** Jefferies cuts price targets across the sector: Bavarian
Nordic  BAVA.CO  (-12% to DKK 290), Ipsen  IPN.PA  (-39% to EUR
55), UCB (-4% to EUR 107)

 ((olga.beskrovnova@thomsonreuters.com;))